According to Wednesday's news story, the Fed Chairman expects the $600 billion QE2 (a.k.a. monetization of our debt) to create upwards of 700 thousand jobs by the way of lower interest rates stimulating the economy.
I do not even know where to start with this. First of all, what does the Chairman think this installment of QE will accomplish in the way of job creation that the previous QE could not do despite its size (which was triple the size of QE2)? Second, is it possible that Bernanke does not know (or admit) what every living soul knows by now that this is not a liquidity crisis, but rather a confidence crisis borne out of uncertainty created by the current government's policies? In what recess of his dark mind does the Fed Chairman intellectualize that the dangers posed by debasing the dollar for an import based, consumer oriented economy is outweighed by potential (and imagined) benefits of his actions?
This kind of unchecked power, exercised by a few elitists like our president, congressmen, Federal Reserve, and federal judges, will be the end of this great nation if more people do not wake up to the kinds of danger they pose to the well being and liberty of all Americans.
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